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Advances slow on both bourses
The VN-Index continued its upward advance yesterday, increasing by just under a per cent to close at 481.29 points.
Total trading value remained healthy, at VND1.63 trillion (US$91.6 million), on a volume of 38.3 million shares. Foreign trades contributed 6.2 million shares to this total, worth a combined VND404.05 billion ($22.7 million).
On the Ha Noi market, the HNX-Index also inched up 0.6 per cent, ending the day yesterday at 153.93. Trading volume on this market dropped 4.6 per cent to 18.8 million shares, worth a total of VND626.24 billion ($35.2 million). The volume of foreign investor trades totalled 826,300 shares.
Financial shares continued to maintain their attractiveness to investors on both the southern and northern markets, with Sacombank (STB) and Saigon Securities Inc (SSI) leading activity in HCM City and Kim Long Securities (KLS) and VietinBank Securities (CTS) nailing down the positions as most active shares on the Ha Noi market.
"Traders began holding back today on an ease in global securities investment, as the domestic market is now more closely linked to global markets," said Ngo Quoc Hung, a veteran investor in HCM City, who also pointed to profit-taking to explain today’s slower growth on the domestic markets.
Le Anh Thi, an analyst with Au Viet Securities Co, believed stock traders were sitting on their hands, waiting for a new opportunities, rather than looking to alternative investment channels.
"The real estate market remains in a state of low liquidity and requires high levels of capital," Thi said. "Gold prices also continue to be high and interest rates, while competitive, are not as attractive as securities."
He pointed to the news on dividends, business prospect and increases in charter capital by a number of listed companies as likely to sustain a market rally for the time being.
The UPCoM-Index also gained yesterday, soaring 4.26 per cent to close at 82.78 points. Overall value totalled VND2.5 billion ($140,449) on a volume of 123,055 shares, with a foreign investor buy of 50,000 shares of HIPT Group (HIG) helping lift the market – and lifting HIG into the position as most active stock on the UPCoM, with an overall volume of 57,718 shares.
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